The AI boom, initially expected to benefit new companies building AI models, is instead boosting some of Europe's largest and most established technology firms. On August 5, 2026, recent earnings revealed that SAP, Capgemini, Sopra Steria, and OVHcloud have all reported stronger demand, faster growth, or upgraded outlooks as businesses transition from experimenting with artificial intelligence to deploying it across their operations.

SAP's cloud backlog increased by 26% at constant currencies to €22.9 billion, reflecting companies' ongoing migration of critical finance, procurement, supply-chain, and human-resources systems onto platforms that serve as foundations for AI deployment. Capgemini raised its annual growth target after bookings climbed 9.2%, while Sopra Steria upgraded its outlook following an acceleration in organic growth to 5.3%.

UBS highlighted that "AI applications are the battleground, and that is where most value will be created," underscoring the importance of application deployment over mere access to AI technology. This trend aligns with the strengths of Europe's established software, consulting, and infrastructure groups, which have long supported large organizations in integrating complex technologies.

However, Boston Consulting Group noted that AI deployment is advancing faster than companies' ability to manage it, with over 70% of investors concerned about whether organizations possess the necessary technical and operational capabilities to succeed with AI.

Large organizations are also unlikely to rely on a single AI provider, adding complexity to AI integration efforts.

Sources

Notable Quote

"AI applications are the battleground, and that is where most value will be created," UBS said in a recent note.